Hipgnosis Songs Fund Limited is pleased to announce its Operative Net Asset Value(1) as at 30 September 2018 was £199.6 million, or 98.74 pence per Ordinary Share, with a corresponding IFRS Net Asset Value(2) of £197.5 million, or 97.68 pence per Ordinary Share. 

The Company’s interim results for the period ended 30 September 2018 are expected to be released in the first half of December. 

(1) For investor reporting purposes, an Operative Net Asset Value is calculated where the value of songs and associated musical intellectual property rights are based on fair values produced by the Investment Adviser, and opined on by an Independent Valuer, as an alternative performance measure. 

(2) In accordance with IFRS, songs and associated musical intellectual property rights are classified as intangible assets and measured at amortised cost or cost less impairment.